Earlier in the month, I mentioned that September is a historically weak month for the stock market. This September was no different with the stock market having it's worst September since 2011. Just how bad was it? The S&P 500 lost -3.9%, the DOW shed -2.2%, and the strongest index of the year, the NASDAQ, fell -5.1%. Gold, crude oil, and Bitcoin didn't want to be left out of the party and posted dismal numbers as well. Losing -4.8%, -7.1% and -7% respectfully.
The only bright spot on a monthly level was the U.S. Dollar Index, which posted a gain of +1.7%, it's first monthly gain since March of this year, where it posted a weekly increase of +.93%.
On a weekly level, all three indexes will begin October with weekly gains despite the overnight news that President Trump has fallen ill with Coronavirus. The S&P 500 will post weekly gains of roughly +1.9%, the DOW +2%, and the NASDAQ rounds out the indexes with a weekly increase of approximately +1.7%. Gold joins the weekly gain party with a gain of +2.2%.
On the losing side of the bracket, we have the dollar checking with a loss of -.8%, Bitcoin is losing roughly -2%, and the big loser is crude oil with a massive loss of -6.7%.
As for the breaking news in the wee hours of Friday morning that President Trump has fallen ill with Coronavirus, you would have expected the market to be down more than it was most of the day. The DOW continued to bounce in and out of negative territory, the S&P 500 is barley in the negative as we head into the close. The NASDAQ hasn't fared as well, dipping below -2% and hovering right around that level.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,428.92
- Dow (INDEX:DJI): 28,364.77
- NASDAQ (NASDAQ:COMP): 10,519.49
- U.S. Dollar (ICE:DX): 92.74
- Gold (NYMEX:GC.Z20): 1,969.30
- Crude Oil (NYMEX:CL.X20): 40.28
- Bitcoin (BITCOIN:BITSTAMPUSD): 11,183.10